Penny activity, Jardine block deal dominate

PENNY-STOCK activity in Singapore was still higher than usual on Wednesday, with anecdotal evidence of Chinese money playing up small-cap stocks. Elsewhere in the region, China stocks recovered 3 per cent and most bourses were slightly positive.

The Straits Times Index was flat, up just 2.91 points to 3,284 as markets awaited hints from the ongoing US Federal Reserve meeting that rates will rise in September. Losers outnumbered gainers 230 to 184. But about 1.98 billion shares worth S$1.14 billion in total changed hands, which worked out to an average unit price of S$0.58 per share.

Typically, only around 1.5 billion to 1.6 billion shares change hands a day. The day's value traded was also distorted by a massive block trade in Jardine Matheson first thing in the morning, which means average unit prices should be even lower.